NIFTY BELOW 17,850; SENSEX DOWN 528 PTS; PRIVATE BANK SHARES SLIDE

The key equity indices continued to trade with major losses in mid-afternoon trade. The Nifty traded below the 17,850 mark after hitting day`s high of 18,047.40 in morning trade. Private bank shares tumbled for the third day in a row.

At 14:28 IST, the barometer index, the S&P BSE Sensex, was down 527.94 points or 0.87% to 59,825.33. The Nifty 50 index lost 157.80 points or 0.88% to 17,834.35.

In the broader market, the S&P BSE Mid-Cap index and the S&P BSE Small-Cap index both declined 0.82%.

The market breadth was weak. On the BSE, 1,216 shares rose and 2,234 shares fell. A total of 144 shares were unchanged.

Investors awaited the release of U.S. jobs data and flash euro zone consumer price index inflation figures that are due later in the day.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose to 7.354 from its close of 7.327 recorded in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.68, compared with its close of 82.62 during the previous trading session.

MCX Gold futures for 3 February 2023 settlement declined 0.12% to Rs 55,354.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.22% to 105.28.

The United States 10-year bond yield advanced 0.09% to 3.725.

In the commodities market, Brent crude for March 2023 settlement added 26 cents or 0.33% to $78.95 a barrel.

Buzzing Index:

The Nifty Bank index fell 1.78% to 21,355.55. The index slipped 3.54% in the three trading sessions.

IndusInd Bank (down 2.89%), Kotak Mahindra Bank (down 2.21%), Federal Bank (down 2.16%), City Union Bank (down 2.14%), RBL Bank (down 1.93%), ICICI Bank (down 1.71%), IDFC First Bank (down 1.66%), Axis Bank (down 1.32%), HDFC Bank (down 0.93%) declined.

Stocks in Spotlight:

Dabur India slipped 3.80%. The FMCG major on Friday announced that its India business is expected to report low to mid-single digit revenue growth, however, the international business is expected to deliver double-digit revenue growth in Q3 FY23.

Zydus Lifesciences was down 0.64%. Zydus Pharmaceuticals (USA) Inc., a subsidiary of Zydus Lifesciences has launched Topiramate extended-release capsules in the US.

Datamatics Global Services (DGSL) shed 0.62%. The company said that ICRA has reaffirmed its rating on the debt instruments of the company at "[ICRA] A+ (Stable)/ [ICRA] A1+".

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